Metis Global Partners LLC Trims Stock Holdings in Elevance Health, Inc. $ELV

Metis Global Partners LLC reduced its stake in shares of Elevance Health, Inc. (NYSE:ELV) by 10.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,736 shares of the company’s stock after selling 1,205 shares during the quarter. Metis Global Partners LLC’s holdings in Elevance Health were worth $4,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Cornerstone Investment Partners LLC grew its stake in shares of Elevance Health by 9.0% during the second quarter. Cornerstone Investment Partners LLC now owns 194,029 shares of the company’s stock valued at $75,470,000 after buying an additional 16,081 shares during the last quarter. Vestmark Advisory Solutions Inc. bought a new position in Elevance Health in the 2nd quarter valued at $730,000. Malaga Cove Capital LLC bought a new stake in shares of Elevance Health during the second quarter worth $328,000. Modera Wealth Management LLC boosted its stake in shares of Elevance Health by 47.2% during the second quarter. Modera Wealth Management LLC now owns 34,999 shares of the company’s stock valued at $13,613,000 after purchasing an additional 11,220 shares during the period. Finally, Cetera Trust Company N.A boosted its stake in shares of Elevance Health by 2.0% during the second quarter. Cetera Trust Company N.A now owns 4,181 shares of the company’s stock valued at $1,626,000 after purchasing an additional 80 shares during the period. 89.24% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Elevance Health news, Director Susan D. Devore purchased 1,200 shares of Elevance Health stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average cost of $312.15 per share, with a total value of $374,580.00. Following the acquisition, the director directly owned 3,502 shares of the company’s stock, valued at $1,093,149.30. This represents a 52.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Elevance Health Price Performance

Shares of ELV opened at $317.51 on Friday. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.71. The firm’s fifty day simple moving average is $329.41 and its 200-day simple moving average is $344.86. The firm has a market capitalization of $70.56 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.23 and a beta of 0.60. Elevance Health, Inc. has a twelve month low of $273.71 and a twelve month high of $458.75.

Elevance Health (NYSE:ELV) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.03 by $1.00. The firm had revenue of $50.09 billion during the quarter, compared to the consensus estimate of $49.26 billion. Elevance Health had a return on equity of 16.17% and a net margin of 2.84%.The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the company posted $8.37 earnings per share. Equities analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a $1.71 dividend. The ex-dividend date is Friday, December 5th. This represents a $6.84 dividend on an annualized basis and a yield of 2.2%. Elevance Health’s dividend payout ratio (DPR) is presently 27.96%.

Analyst Ratings Changes

A number of research analysts have issued reports on ELV shares. TD Cowen raised their price target on shares of Elevance Health from $330.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. JPMorgan Chase & Co. increased their price target on Elevance Health from $384.00 to $394.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Weiss Ratings upgraded Elevance Health from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 8th. Robert W. Baird lowered their price target on shares of Elevance Health from $492.00 to $297.00 and set a “neutral” rating on the stock in a research report on Friday, July 25th. Finally, Bank of America boosted their price target on shares of Elevance Health from $330.00 to $370.00 and gave the company a “neutral” rating in a research report on Friday, October 10th. Twelve equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Elevance Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $397.33.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.